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The law of supply and demand is in full swing in the housing market on both a national and local level. Nationally, the Pending Home Sale Index (PHSI) for January 2017 reached its lowest level in a year* and tight inventory is the prime culprit.
Locally, the housing market has seen a steady increase in housing sales. According to the Mid Hudson Multiple Listing Service, the 12 month average for “Closed Sales” of single family detached homes, is up 16.3%. The average for “Pending Sales” is up 19.5%. Conversely, the 12 month average of “New Listings” has decreased by 10.2%. While the lack of new listings has not affected the local market in amount of sales taking place, it has had an impact on sales prices.
There are so many ads on TV enticing you to come in and lease that new car for $199 per month or that new truck for $349 per month, how can that be?
Well, just look at the fine print.
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